Financial Reporting and Prudential Compliance
Compliance is a major part of being an Aged Care Provider. Make sure you're fully aware of your obligations.
Aged Care Financial reporting (ACFR) has two key components being the General Purpose Financial Report (GPFR) and the Annual Prudential Compliance Statement (APCS). These items have a complex framework that providers must adhere to meet their reporting obligations on an annual basis.
The RESI201 program discusses the reporting obligations and governance requirements of meeting and complying with these obligations on an annual basis. The program is imperative for aged care business managers and accounting staff to ensure they understand, adhere to, and meet their compliance obligations on an ongoing basis.
This program assumes the knowledge in the RESI101 program facilitated by CareCFO
Compliance requirements for managing entry contributions, bonds and RAD/RACs
Understanding and complying with the four Prudential Compliance Standards, liquidity, records, governance and disclosure standards
Why the resident agreement and key document in complying with the disclosure standard
Accurate reporting of drawdowns against the RAD/RAC such as DAP, extra service fees and other fees and how this varies the DAP payable
Complying with permitted uses of RADs/bond funds
Allocating responsibilities to Key Personnel under the Prudential Compliance framework
Ensuing that your governance system has mechanisms in it for detecting, recording and addressing non compliance's
Overview of investment management strategies (IMS) and liquidity management strategies (LMS)
Key requirements of a RAD/RAC (Bond) Register
Accounting for RAD/RAC (Bonds) as well as RAD/RAC receivables
Completing the Annual Prudential Compliance Statement (APCS)
Reporting requirements for complex refunds and ensuring compliance with mandated timelines
Information on why variations of resident agreements are important to maintain with changes in DAC or room changes
Interest (MPIR/BIR) that is payable on refunds
$249 + GST per participant
This program has been designed to enhance the financial acumen of staff involved in ensuring compliance with the Aged Care Prudential Compliance standards, including Finance Staff, Administration Staff and Internal/External Auditing staff.
This program will also provide a valuable insight into the aged care revenue streams for Board Members, Executive Team members and Facility Managers.
Duration: 3 Hours
Course Material: Provided
Devices Needed: Computer with Excel (any year)
Thursday 20 May 1pm – 4pm AEST
Thursday, 24 June 1pm – 4pm AEST
Tuesday, 14 September - 1pm – 4pm AEDT
"Absolutely would have been lost without it – I’m sure I’ll be referring to the information given further down the track" - David, Newport VIC
Want to improve your understanding of Aged Care Financial Compliance?
Book an in-house session?
Want your whole team to attend this seminar? Contact us to enquire about an in-house training session.
We come to you to deliver the training, we can even personalise the content to be specific to your oganisation.